05 Econmics

05 Economics

Standard 5: Students will examine workplace tasks and concepts in Economics.
Objective 1: Explore the relationship and impact of economics on business.
Indicators:

1. Define scarcity and the problems it presents.
2. Identify situations where scarcity exists.
3. Explore optimal ways to organize limited resources to meet unlimited wants and needs.
4. Give examples of how a business such as a mall, bank, law firm, etc. must deal with scarcity.
5. Explore related career Pathways.

Objective 2: Explore the relationship and impact of economics on families and consumers.
Indicators:

1. Give examples of economic resources (natural, human, and capital).
2. Demonstrate how economic resources (natural, human, and capital) are used to produce goods and services.
3. Identify different businesses and the resources they use to produce their goods and services.
4. Explore related career Pathways.

Objective 3: Explore the relationship and impact of economics on technology.
Indicators:

1. Recognize that choices have costs and benefits.
2. Give examples of costs and of benefits.
3. Apply cost/benefit analysis to decision making.
4. Analyze the consequences of choices.
5. Explain how cost/benefit analysis can be applied to business decisions.
6. Explore related career Pathways.